While having a conversation with a friend recently, we got talking about Dave Ramsey’s personal finance philosophy and how great it is for the vast majority of people that follow his principles. But it got me thinking about how those principles apply to optometrists. Given the financial circumstances that ODs find themselves in right out of graduation, I wanted to share some insight on which of his principles are in need of a slight modification for ODs. As a reminder, you can get all the inform...
Nov 16, 2020•35 min•Ep. 106
Today’s episode will discuss a couple of updates around PPP forgiveness and how to think about the taxation of PPP funds along with an additional perspective on the EIDL loans that so many optometric practice owners have taken out as a backup cash reserve. I’ll also share some thoughts on why it’s important to understand the role that our entire government plays in relation to the platforms that presidential candidates campaign on and why we shouldn’t let the agenda of a presidential candidate i...
Nov 09, 2020•29 min•Ep. 105
It’s the week after Halloween, and while we’re all coming down from the sugar high we earned by stealing our kids’ candy (no judgement here, I do it at a felony-level rate) I thought I’d cover 5 scary financial decisions that optometrists make that can prevent them from becoming wealthy or keep them broke. In this episode I highlight 5 areas where we’ve seen optometrists make mistakes with both their money and their time and the implications of making those decisions. If you’re interested in hav...
Nov 02, 2020•40 min•Ep. 104
The concept of talking to kids about money can be both a taboo and ambiguous process. For optometrists that own their own practice, there’s an added variable of owning your own practice and using it as a vehicle to not only be in a position of paying your kids but also the generational wealth that can be created by you. In this episode I’ll share a number of ideas and tools to consider when teaching your kids from an early age about money. I’ll share what age you should start talking to kids abo...
Oct 26, 2020•38 min•Ep. 103
As an optometrist, saving for college for your child or children can be a sensitive subject. Depending on how or if you had to pay for your own education can influence your mindset and how high on the priority list college savings is for you and your family. If you decide that you want to save funds for higher education, there are a number of vehicles to consider with vary tax advantages. In this episode we look at 529 plans, Roth IRAs, utilizing a Family Management Company (FMC), how you can ca...
Oct 19, 2020•40 min•Ep. 102
We’ve had a number of tax planning strategies for optometrists to consider in the past, but we’ve never really covered the basics of our tax system. In this episode, I’ll share with you how our income tax system works. I’ll also cover the difference between deductions and credits, explain which one’s better, and some common tax fallacies that we’ve seen over the years. If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here . You ca...
Oct 12, 2020•34 min•Ep. 101
Understanding whether optometrists qualify for the R&D tax credit is not a simple answer. There are many questions that need to be asked and parameters that must be met. Unfortunately, not all of those parameters are met with clear, black-and-white definitions from the IRS but are rather subjective in nature. This can open the door for misunderstanding of the credit at best or outright fraud and abuse at its worst. In this episode, join us as we have a discussion with Kyle Riddle of McGuire ...
Oct 05, 2020•1 hr 7 min•Ep. 100
Owning an optometry practice requires you to wear many hats. As the owner, sponsoring a retirement plan in your practice is not without its share of responsibilities. In this episode, we talk about some of those administrative tasks that not only fall on you as the plan sponsor, but which of those responsibilities can be delegated to your professional team. We also share some additional resources that can help you satisfy your responsibilities as a plan sponsor. As a reminder, you can get all th...
Sep 28, 2020•44 min•Ep. 99
The Solo 401(k) is a viable option for independently contracted, 1099 compensated optometrists. It has many of the same benefits and options that a “normal” 401(k) has but without many of the testing and compliance requirements. However, they are not without their own limitations. In this episode, I share what optometrists need to know about when and whether a Solo/Individual 401(k) is a viable retirement planning vehicle to consider. For more information, visit the IRS.gov Solo 401k website. As...
Sep 21, 2020•25 min•Ep. 98
One of the most popular questions we get asked is whether their 401(k) contributions should be Traditional or Roth contributions. There are many factors that play into that decision and some of the variables that impact the decision are unknown (like future tax rates). In today’s episode we break down the difference between the two types of contributions and situations and strategies an optometrist should consider when deciding which type of strategy they should use. As a reminder, you can get a...
Sep 14, 2020•43 min•Ep. 97
Understanding the different types of profit-sharing plans that exist can help an optometrist determine which type of plan is going to be best for their practice. In this episode we talk about the different type of profit-sharing plans that exist and the advantages and disadvantages of each. We also share the different vesting schedules that exist and wrap up with some thoughts on how to use a profit-sharing plan to increase staff loyalty and employee retention in the practice. As a reminder, you...
Sep 07, 2020•37 min•Ep. 96
Optometrists that own their own practice are always looking for strategic ways to reduce their tax liability. The tax bill that’s generated when an optometrist sells their practice can have a big impact on how much money they keep as a result of the transaction. Retirement plans like the 401(k) profit sharing plan are usually go-to strategies, but there are limitations in how much one can contribute annually into these plans. Additionally, there’s little that can be done with a 401k profit shari...
Aug 31, 2020•1 hr 1 min•Ep. 95
Utilizing a retirement plan like a 401(k) profit sharing plan is a great tool to help optometrists save money for retirement. It’s also a way for them to reduce taxes in higher earning years and deferring that tax liability until future years. While most optometrists may be familiar with Traditional 401k and profit sharing plans, a little known planning tool that exists is the ability to make after-tax contributions to a 401k plan. This strategy is often referred to as the “mega back-door Roth” ...
Aug 24, 2020•37 min•Ep. 94
Having a website that stands out, drives new patient growth, and creates a great patient experience is a tall order for any optometrist that owns their own practice. Knowing where to begin or what areas of your website and digital marketing strategy to focus your time and dollars is another challenge. Thankfully, there’s someone out there that can see the challenge from multiple different perspectives. Dr. Rich Zimbalist, OD is not only a practicing optometrist but also an experienced digital ma...
Aug 17, 2020•55 min•Ep. 93
Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much cheaper than a 401(k).” This is also advice that we see being shared in online communities as well. In today’s episode,, I want to share with you five rea...
Aug 10, 2020•43 min•Ep. 92
As optometrists continue to deal with the personal and professional financial implications of COVID-19, the CARES Act has been the focal point for those looking for relief and assistance. The PPP, EIDL, and other provisions of CARES captured our attention for the last couple of months, but, on this episode, we discuss three strategies and provisions of CARES that are still worth evaluating in your personal and professional lives. As a reminder, you can get all the information discussed in today’...
Aug 03, 2020•35 min•Ep. 91
Hello, and welcome to this episode of 20/20 Money! On today’s episode, I discuss 7 proactive strategies that you can consider as you evaluate your financials through the latter half of 2020. I discuss the importance of reviewing your list of itemized deductions even if you didn’t itemize and whether a charitable lumping strategy would be beneficial to consider. I also talk about why partnerships should reevaluate how income is classified on their K-1 and why shifting income from guaranteed payme...
Jul 27, 2020•33 min•Ep. 90
Hello, and welcome to this episode of 20/20 Money! On this episode, I highlight seven line items on your tax return that optometrists should review to ensure you’re not paying too much in taxes. Those seven items (along with the location of where to find them on your personal tax return) are listed below: Health insurance deduction for SE (Schedule 1, line 16) Taxable interest (1040 Line 2b) QBI deduction for SE (1040 Line 10) SS tax refund (Schedule 3, Line 11) 529 deduction for your state (Sta...
Jul 20, 2020•43 min•Ep. 89
On this episode of 20/20 Money, Nathan Hayes from IDOC and I discuss how optometrists should be thinking about cash flow in their practice. We discuss how much cash reserves ODs should have in their practice in the wake of COVID-19 as well as why it’s important to get cash out of your practice instead of letting it sit in your business. Nathan also shares why leaving cash in your business might actually hurt your valuation from a buyer’s perspective. We also talk about how to reduce your tax bil...
Jul 11, 2020•1 hr 11 min•Ep. 88
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD . Mick has been on the show in the past and he joins me today to talk about a concept that is gaining more traction in the OD community and that is the accounting philosophy known as Profit First . Profit First is based on the popular book by Mike Michalowicz and Mick has unique experience in that he’s both adopted this accounting process in his own practices and has also consulted with many other O...
Jul 06, 2020•1 hr 7 min•Ep. 87
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Zac and Joelle Holland. Joelle and Zac have been listeners of the show for some time and Joelle reached out to me to ask if I’d be interested in interviewing them about how they have both been laser focused on paying off their student loans. For me, it was an easy decision as creating a student loan repayment strategy is one of the most common challenges and discussion points for newer grads. There’s so much am...
Jun 29, 2020•1 hr 27 min•Ep. 86
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Colin Carr . Colin is the founder and CEO of CARR , a nationwide commercial real estate company specifically focused on representing the needs and interest of healthcare providers. Colin has mastered several niches in healthcare real estate and is passionate about helping others maximize their profitability through real estate. In this conversation, Colin and I cover a wide spectrum of topics. Among them, Colin shares...
Jun 22, 2020•1 hr 12 min•Ep. 85
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD . Steve has had a storied career in optometry, starting out as a clinician after graduating from ICO in 1998. His interest for business led him to earn his MBA and eventually land at IDOC in the role of a practice management consultant. Having had over 3,000 consultative conversations over the years, he’s realized what every OD needs to know: we all have largely the same playing field. The differen...
Jun 15, 2020•1 hr 8 min•Ep. 84
This is part 2 of my conversation with Jason Preator. Please be sure to check out part 1 from last week! As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars...
Jun 08, 2020•30 min•Ep. 83
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jason Preator. Jason is one of the leading resources and advisors in the optometric space when it comes to helping optometry practice owners sell their practice to a private equity firm. Today’s conversation was so good and long that I actually made the decision to break it up into a two-part episode. In today’s episode, we talk about the duration of the process of selling, making sure you understand your why around s...
Jun 01, 2020•59 min•Ep. 82
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Damon Dierker. Damon already has a very storied career in optometry, so I was excited to have him on today to talk about dry eye and I feel it’s important to give a bit of a backstory to help set the stage. Clinically, he is a partner and Director of Optometric Services at Eye Surgeons of Indiana, one of (if not the) top tertiary care/referral center in the state of Indiana. His areas of clinical expertise include...
May 26, 2020•1 hr 2 min•Ep. 81
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley. Gina joins the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talk about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to helping you manage an efficient practice. We also discuss the importance of communicating and setting expectations with patients is important regardless ...
May 18, 2020•1 hr 10 min•Ep. 80
Welcome to another episode of 20/20 Money. My guest on today’s show is Matt Howard. Matt is a CPA and CVA, which is a Certified Valuations Analyst, with Blue and Co here in Indianapolis. I’ve known Matt for a number of years and have always appreciated and valued his opinion. Today’s conversation is a bit unorthodox as there really wasn’t a whole lot of planning behind the content. What started out as a simple question on the phone between two friends and colleagues turned into I feel a very tim...
May 11, 2020•41 min•Ep. 79
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano and Jennifer Stewart. Longtime listeners of the show will recognize those names as I’ve had them both on a number of times in both 1-1 interviews as well as a three-way discussion. I respect both of their opinions and perspective as they both run highly successful practices, and that success does not come by accident. Jennifer and Jeremy join me in today’s conversation to discuss accountability as ...
May 04, 2020•46 min•Ep. 78
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dave Goetsch. Dave is the Executive Producer and writer for the hit TV show “The Big Bang Theory” and he joins me to talk about his journey not as a TV writer but as an investor. He shares his journey as an investor, lessons he’s learned along the way (one of them almost being a really expensive lesson), the investment philosophy he’s implemented and how he’s been able to go from feeling anxious and nervous to calm an...
Apr 27, 2020•51 min•Ep. 77
